CDFA Revolving Loan Fund Finance Update - March 14, 2017

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Revolving Loan Funds Update
March 14, 2017
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Revolving Loan Fund Finance Update

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IA Water Quality Bill May Include a New RLF
Included in this bill is the concept of a revolving loan fund that would provide loans and grants to organizations formed through "28E agreements." Those agreements let public and private groups join together to address water quality on a regional watershed basis to seek out solutions.

$800K RLF Loan Supports Indoor Farming Project
The City of South Bend conditionally approved $800,000 in Industrial Revolving Loan Fund finance for vertical farm business. The company called Green Sense raised an additional $640,000 during a crowdfunding campaign.

USDA Nevada Provides $500K for Rural RLF
Herb Shedd, Acting State Director for Rural Development, said USDA's loan of $500,000 to the Nevada Business Opportunity Fund will support a low-interest revolving loan fund for small rural businesses in Clark and Washoe Counties.

Marengo, IL Officials Consider Using RLF Money for Infrastructure
Marengo's Revolving Loan Fund is an economic incentive tool that allows the city to offer low-interest loans to businesses that want to expand or relocate to Marengo, but the last time a business took advantage of the program was two decades ago. The account has $320,739 left in it.

Tulsa Brownfields RLF Has Almost $600K Available
Michelle Barnett, Brownfields coordinator for the city, said the Brownfields Revolving Loan Fund is open to business owners and landowners with environmental issues they need help with remediating. The fund is for loans that can go toward cleaning up asbestos, chemical waste and more.

RLF the Next Step in Improving Downtown Janesville
The fund is a low-interest, city-sponsored loan business and property owners can use to spruce up downtown parcels. As borrowers pay back their loans, the money can immediately be loaned to someone else, which is where the "revolving" comes in.

Kenyon City Considers Commercial and Residential RLF
DEED is aiming for five commercial rehab projects in Kenyon and a total of 15 residential rehab projects for owner-occupied homes in Kenyon. As more funds become available through the revolving fund over time, more homes on the waiting list will be eligible.

Rantoul, IL Village Board Votes to Keep RLF
Elimination of the revolving loan fund would have meant the village would have been able to retain about $422,840, which the Village Administrator said could have been used for the more frequently used microloan program, which is free of federal restrictions.

$200K Loan Approved for Brewery in Cleveland Heights
A $200,000 commercial revolving loan is on tap for Boss Dog Brewing Co. to move into the former Lemon Grass restaurant on Cedar-Lee. The loan will have a 2 percent interest rate and will be paid back over five years.

Athens County EDC Provides RLF to Brewery
The Small Business Micro Revolving Loan Fund was created from a U.S. Department of Agriculture rural business development grant. Sara Marrs-Maxfield, executive director of the development council, explained that the loan fund offers small injections of capital intended for smaller companies.

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